{"id":26468,"date":"2022-09-12T08:00:32","date_gmt":"2022-09-12T13:00:32","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=26468"},"modified":"2023-08-22T11:07:36","modified_gmt":"2023-08-22T16:07:36","slug":"i-fired-my-tax-prep-clients-and-saw-a-net-4x-net-increase-in-income","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/advisory-services\/i-fired-my-tax-prep-clients-and-saw-a-net-4x-net-increase-in-income\/","title":{"rendered":"I no longer do tax prep\u2014and saw a net 4x increase in income"},"content":{"rendered":"<p style=\"font-weight: 400;\">Flashback to 2017:<\/p>\n<ul>\n<li>We\u2019re the largest CPA firm in town.<\/li>\n<li>We are landing hundreds of new clients a year.<\/li>\n<li>Our reputation is stellar.<\/li>\n<li>I\u2019m making more money than I have ever made before.<\/li>\n<li>And I\u2019m miserable.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">Know anyone who feels this way in our profession?<\/p>\n<p style=\"font-weight: 400;\">In 2017, we were killing it by every metric in the world of tax and accounting. However, when I started the firm in 2006, I did so with the vision of being known for superior client service, proactive advice, a happy and fulfilled team, and not needing to work 80+ hour weeks just to keep from falling behind. We were going to have work-life balance and provide the advice clients beg for from their tax professionals.<\/p>\n<p style=\"font-weight: 400;\">Unfortunately, we found ourselves working to the point of exhaustion, only able to share proactive insights when our calendars weren\u2019t dominated by tax deadlines, and completely off mission from the future I imagined for us.<\/p>\n<p style=\"font-weight: 400;\">As you know, there are lots of tricks and tips for tax and accounting firms. We tried everything, including hiring too many people, creating departments, raising prices, culling \u201cC\u201d clients, and doing all those things a firm is supposed to do to achieve work-life balance and profitability nirvana.<\/p>\n<p style=\"font-weight: 400;\"><strong>NONE of it worked.<\/strong><\/p>\n<p style=\"font-weight: 400;\">Yeah, some of it helped, but it didn\u2019t really move the needle. Tax season was just a dragon that couldn\u2019t be slain if we wanted to achieve our goals.<\/p>\n<p style=\"font-weight: 400;\">So, I fired the tax preparation clients.<\/p>\n<p style=\"font-weight: 400;\">Yes \u2026 really. We were a successful CPA firm that just stopped doing tax preparation, and instead, centered on providing <a href=\"https:\/\/accountants.intuit.com\/taxprocenter\/tag\/advisory-services\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">advice<\/a>.<\/p>\n<p style=\"font-weight: 400;\">This may have been the <strong>single most positively impactful decision I ever made in my career<\/strong>.<\/p>\n<p style=\"font-weight: 400;\">How I went about making the decision wasn\u2019t a knee jerk reaction. This lifestyle doesn\u2019t just sneak up on you, and as I mentioned before, I already tried all the other tricks. Instead of going out for more advice on what to do next, I turned back to a process that I use when I make any large decisions\u2014and one I make when I teach my <a href=\"https:\/\/smdaccounting.com\/cpa2\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">Chief Proactive Advisor Program<\/a>. While the purpose of this article isn\u2019t to discuss the process itself, I will tell you that once I re-centered on my passions and who I wanted to help, the business plan just started clicking into place.<\/p>\n<p style=\"font-weight: 400;\">Immediately, we began developing a series of products and programs that didn\u2019t rely on hourly rates, created more value for our clients, and didn\u2019t require us to work until 1 a.m. because it was April 14. Admittedly, we screwed up a lot along the way with overly customized offerings, inaccurate pricing models, poor hiring, and other obstacles that happen in business. That\u2019s just business and business risk. Our focus on creating something repeatable, scalable, and more profitable that was centered on our strengths and helping the people WE wanted to help, without 80-hour work weeks, was never unclear.<\/p>\n<p style=\"font-weight: 400;\">In the end, we built an offering that has us experiencing prospect calls from all around the United States, more growth than we know what to do with, a 4x net income percent increase from 2017 numbers, and leaving the office to see our families on most nights by 5 p.m.\u2014if not earlier.<\/p>\n<p style=\"font-weight: 400;\">In fact, because we were getting so good at saving people money on their taxes or improving business profitability, the \u201cwhat do I do with this extra money?\u201d question started coming up all the time from our clients. To address that, we teamed up with a group of wealth managers and lawyers to now offer tax, law, and wealth management solutions under a single, virtual roof. This only further enhanced the scalability, profitability, and opportunity for us all.<\/p>\n<p style=\"font-weight: 400;\">Sure, it\u2019s not all Disney princesses and parades. There are the occasional long hours put in by myself and my team when we need to tackle time sensitive issues, but those are the exception and not the norm. In addition, getting to where we are today did require long hours of thought, analysis, and development. There were even sleepless nights wondering if I had done something insane because the \u201cthat\u2019s the way it has always been\u201d gremlins kept creeping into my mind.<\/p>\n<p style=\"font-weight: 400;\">However, I was <strong>sure<\/strong> that:<\/p>\n<ul>\n<li>Clients wanted actual advice during the year (and not after the fact in April).<\/li>\n<li>Clients would pay a premium for techniques and insights that built wealth.<\/li>\n<li>My team wanted more fulfilling work than just compliance 24\/7.<\/li>\n<li>There had to be a way for me to take a well-deserved vacation for Spring Break, without creating animosity and guilt.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">I was right.<\/p>\n<p style=\"font-weight: 400;\">I\u2019m not tearing my shoulder out patting myself on the back. You know this, too. I was just crazy enough to go all in to prove it. You don\u2019t have to be as dramatic as me to make more money, spend more time with your family, and create more value for your clients. Just step back a moment and remember why you entered this profession, what you wanted to accomplish, what you thought your future would be, and start deciding what must change to make that happen.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I fired my tax prep clients\u2014and saw a net 4x net increase in income: Fired his tax prep clients? Unheard of! Not really, according to Sean M. Duncan, CPA. Find out how Sean transitioned his clients, helped his clients in numerous ways, and even picked up more personal time.<\/p>\n","protected":false},"author":144649040,"featured_media":27001,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_reviewed_by_select":[],"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","customModifiedDate":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[646041873],"tags":[646041848],"intuit_collection":[],"intuit_series":[],"coauthors":[646041840],"class_list":["post-26468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advisory-services","tag-tax-advisory"],"header_image":"","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.4 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>I no longer do tax prep\u2014and saw a net 4x increase in income - Tax Pro Center | Intuit<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/accountants.intuit.com\/taxprocenter\/advisory-services\/i-fired-my-tax-prep-clients-and-saw-a-net-4x-net-increase-in-income\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"I no longer do tax prep\u2014and saw a net 4x increase in income - Tax Pro Center | Intuit\" \/>\n<meta property=\"og:description\" content=\"I fired my tax prep clients\u2014and saw a net 4x net increase in income: Fired his tax prep clients? 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